$TAO Leverage lending liquidation ratios are cut by more than 40% in one go. This slowdown isn’t a “pullback”—it’s an exit. The spot leverage long-to-short ratio shrinks at the same time: the borrowed longs are paying down debt, not adding positions. Large-lot capital has seen net outflows for over a dozen consecutive periods; big money is leaving and the positions are dispersing. If you can’t hold key levels, don’t talk about “restoration.”